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We spend the US$$$ like it belongs to us, says Pickering

BVI News Online - Thursday, July 25th, 2013 at 8:11 AM

Dr. Pickering

Deputy Premier Dr. Kedrick Pickering has saluted Leslie Malone, a former member of the House of Assembly who played a crucial role in having the United States dollar (US$) become the currency of the British Virgin Islands.

During a re-dedication ceremony for The Stickett in Long Look yesterday, Dr. Pickering indicated that some residents usually take the US$ for granted, adding that the currency does not belong to the BVI.

“We now spend the US dollar like it belongs to us. We should remember that it doesn’t, and we shouldn’t take it for granted,” he said.

“We are basically the only British country in the world – apart from them (Turks and Caicos Islands) – where the US dollar is legal tender, and we take things like that for granted. But it was the vision of people like Mr. Malone who saw the importance of it from an economic point of the BVI to petition the British government to make the US dollar legal tender.”

The US dollar was introduced to the BVI in 1959 and is considered a major pull-factor for several entrepreneurs and employees who have set foot on the territory’s shores.

It is one of the strongest currencies used in and outside the Caribbean region.

The exchange rates for July 24, for example, show that one United States Dollar = 202.90 Guyanese Dollar, 101.27 Jamaican Dollar, 41.97 Dominican Republic Peso, 43.36 Pilipino Peso, and 2.70 Eastern Caribbean Dollar which is the currency for places like St. Lucia, St. Vincent and the Grenadines as well as St. Kitts and Nevis.

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8 Comments

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  1. Disinterested
    July 25, 2013
    Well-loved. Like or Dislike: Thumb up 5 Thumb down 0

    The only downside to the VI dollarizing the US dollar is that it loses flexibility and control of its monetary policy. Other countries such as Panama, EL Salvador, Ecuador, Palua, Turks and caicos….etc. dollarize the US dollar.

    Some other countries use the US dollar along side their local currency, eg, Bermuda, Bahamas, Belize and Haiti. Other countries currencies are also dollarized, i.e. the South African Rand. Countries dollarized for stability and avoiding the setting up of a central bank.

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  2. .
    July 25, 2013
    Like or Dislike: Thumb up 0 Thumb down 2

    Tell me Mr. DeCastro. This kid goes from nonsense to nonsense. We spend the US dollar like it is our own because IT IS our own. No one GAVE it to us, we BOUGHT it and EARNED it.

    This is the kind of crap that always keeping BVIslanders mamaguide.

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    • .
      July 25, 2013
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      I meant TELL HIM Mr. DeCastro, tell him. These kids could learn a lesson from you.

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  3. July 25, 2013
    Like or Dislike: Thumb up 3 Thumb down 0

    We were spending the U. S dollar long before 1959. At one time we spent the u,s dollar, the pound and the Canadian dollar. All our businesses accepted all three currencies as in those days both the Royal Navy the Canadian Navy visited this territory on a regular basis so the U. S dollar was not introduced in 1959.

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  4. lawyer
    July 25, 2013
    Well-loved. Like or Dislike: Thumb up 5 Thumb down 1

    That is a very good idea. GET US THE POUND! WE WANT THE POUND! We are BRITISH! We want our Mother’s money! Then we can really bring food prices down and increase fees for all our services. I wonder what the results would be? Maybe an economist can shed some light.

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  5. wondering
    July 25, 2013
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    how thrilled everyone will be when the yankee dollar crashes never to rise again . . . are your yankee dollars insured at the BVI banks??

    Reply to this comment
  6. eagle eye
    July 25, 2013
    Like or Dislike: Thumb up 4 Thumb down 2

    Well get us the Pound,its ur right full dollar. that will make it more interesting to want to com here 8-O

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